If the Average Age Was $7

question 40

Multiple Choice

If the average age was $7.67 per hour in 1998 and $14.90 per hour last month, what is the index of hourly wages for last month based on the 1998 information?

• A) 100.0
• B) 186.9
• C) 151.5
• D) 194.3

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Definitions:

Total Revenue

The aggregate sum of funds a company acquires from selling products or offering services over a specified duration.

Inputs Prices

The cost or price of the raw materials, labor, and other resources that are used in the production process of goods or services.

Perfectly Competitive

A market structure characterized by a large number of small firms, homogenous products, perfect information, and no barriers to entry or exit, resulting in firms being price takers.

Variable Resources

denote inputs or factors of production that change in quantity with the level of output, such as labor and raw materials.